After testing the 1,800.00 level's resistance on Tuesday, the yellow metal declined. On Wednesday, the price was fluctuating almost sideways between the 1,770.00 and 1,785.00 levels.
In the meantime, the price appeared to respect the resistance of the 55-hour simple moving average.
On Friday, the release of the US Employment data could impact the price for gold through the value of the US Dollar.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the case of the price passing the resistance of the 55-hour simple moving average and the 1,785.00 level, another test of the 1,800.00 mark could occur.
On the other hand, the metal could fail at surging and decline to the support of the zone near 1,765.00.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the XAU/USD exchange rate is continuing to trade among the 55-day, 100-day SMAs and the 50.00% Fibonacci retracement level.Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 60% bullish, as 60% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 86% to buy the metal.